Billionaire investor Ackman to meet with ADP board on Sept. 5

Published 12:22 PM ET Thu, 24 Aug 2017
Reuters

Aug 24 (Reuters) - Activist investor William Ackman, who has been urging Automatic Data Processing Inc to cut costs, will meet with the board of the U.S. human resources outsourcing firm next month, a regulatory filing showed on Thursday. (http://bit.ly/2xw2n2U)

The planned Sept. 5 meeting might give Ackman and ADP a second chance to find common ground following the billionaire investor's call for changes to ADP's board, which the company has rejected.

Ackman, whose hedge fund Pershing Square Capital Management LP owns an 8.3 percent stake in ADP, has laid out what he sees as ADP's inefficiencies and said the company likely needed a new CEO.

Ackman has also said ADP's stock price could double in the next five years if the company cuts expenses, streamlines its business and invests in technology upgrades. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)